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Legislative and Federal Affairs Update - July 5, 2017

Legislative and Federal Affairs Update
July 5, 2017
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Legislative and Federal Affairs Update


CDFA Sponsors Successful Capitol Hill Day
On June 16, as part of the CDFA Federal Urban Finance Forum, CDFA brought 19 people to Capitol Hill to advocate for the development finance industry. CDFA advocacy efforts were focused primarily on the Modernizing American Manufacturing Bonds Act, which has been introduced in both the U.S. House of Representatives and the U.S. Senate.

CDFA Summer School
Join CDFA this August in Minneapolis for Summer School, pick and choose your courses from a week-long series of training featuring the Fundamentals, Intro RLF, Intro Energy & Water, Intro Bond, and Intro Brownfields Finance Course. Register today to secure your place. Early bird rates end July 14.

Legislative Features

Brownfields Bill Would Preserve 2002 Funding Levels
A bill that would preserve brownfields funding at 2002 levels was sent to a House subcommittee for review June 15 as the panel's chairman hopes to see legislation passed before Congress' August recess.

House Majority Endorses HTF Renewal through Tax Reform
More than half of all House members have urged the tax-writing Ways and Means Committee to ensure the future solvency of the Highway Trust Fund with new revenue that could be realized through tax reform.

House Clears Bill Extending Nuclear Tax Credit
The bill, which would cost $16 million over 10 years, could benefit the only two nuclear projects under construction in the United States by removing the requirement that a nuclear plant be placed in service by the end of 2020 to be eligible for the tax credit.

Senate Bill Would Bar Use of Tax-Exempt Bonds for Professional Sports Stadiums
Sens. Cory Booker and James Lankford have introduced a bipartisan bill that would prohibit the use of tax-exempt bonds to finance professional sports stadiums. Their bill mirrors a House version introduced in March by Rep. Steve Russell, R-OK.

Research and Development Tax Credit Proposal Introduced
Highlights include increasing the Alternative Simplified Credit (ASC) from 14% to 20% and assisting new firms by allowing the credit to be equal to 10% (up from 6%) of the taxpayer's qualified research expenses for the year.

Prospect of Tax Reform Creates Uncertain Future for LIHTC
With Republicans in control of the White House and Congress, the low-income housing tax credit (LIHTC) market has experienced large uncertainty that is affecting affordable housing deals from coast to coast.

Upcoming Events
CDFA Summer School
Federal Features

EDA Announces Availability of Grants for Coal Communities
The EDA is accepting applications for the Assistance to Coal Communities grant program. The program will award up to $30 million to assist communities impacted by the declining use of coal by supporting economic diversification, job creation, capital investment, and workforce development.

IIUSA Committee Seeking Information on USCIS Site Visits
The IIUSA Best Practices Committee is collecting information from any Regional Centers that have experienced USCIS site visits at one or more of their project sites. If you have experienced a USCIS site visit, please reach out to Ashley Casey of IIUSA.

US DOT Offers Guidance on P3s
A new DOT paper outlines 17 ways to engage the private sector, across three major phases of project development: planning, pre-procurement and post-procurement.

Call for Community and Economic Development Practitioners
The CDFI Fund is issuing a call for well-qualified personnel to serve as application Reviewers and Alternate Reviewers for the 2017 application round of the NMTC Program.

WIFIA NOFA Attracts High Demand
In response to its Notice of Funding Availability (NOFA), the WIFIA program received 43 letters of interest from prospective borrowers for water infrastructure projects across the country. In total, prospective borrowers requested $6 billion in WIFIA loans.

Treasury Recommends Treating High-Grade Munis as HQLA
The Treasury Department is recommending that high-grade municipal securities be included as high quality liquid assets under federal banking rules, a stance that state and local groups as well as some legislators have taken since the rules were first passed.

Can Private Money Solve Water Public Problems?
Water infrastructure, for both drinking and irrigation, is especially in need of improvement in the arid West. Amid a wave of aging reservoirs, treatment plants and pipelines, and a Congress unwilling to pony up funding to fix them, the Bureau of Reclamation is considering private investment as a possible solution.

Tax Plan Will Not Harm Munis, According to White House
The White House stated in a recent meeting that its tax reform plan will not harm the tax exemption for municipal bonds.

Trump's $1T Infrastructure Plan Requires State, Local Match
States and local governments would have to match the federal funding in the administration's proposed $1 trillion infrastructure plan to participate in the renewal effort, President Trump said Wednesday in a speech in Cincinnati.

Federal Financing Clearinghouse Spotlight

CDFA's Federal Financing Clearinghouse is the only online resource cataloging the development finance programs offered by the federal government. Check out our featured agencies and programs below. >>> Learn More

Agency Seal Export-Import Bank of the United States (EXIM Bank)

Loan Guarantee Program
The U.S. Export-Import Bank (EXIM Bank) Loan Guarantee Program assists exporters by guaranteeing  term financing--generally up to 10 years--to creditworthy international buyers in both the private...

Agency Seal Internal Revenue Service (IRS)

New Clean Renewable Energy Bond (CREB) Program
New Clean Renewable Energy Bonds (New CREBs) may be issued by public power utilities, electric cooperatives, government entities (states, cities, counties, territories, Indian tribal governments),...

Agency Seal U.S. Dept. of Agriculture (USDA)

Delta Health Care Services Grants
The Delta Health Care Services Grants provide financial assistance to address the continued unmet health needs in the Delta Region through cooperation among health care professionals, institutions of...

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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